BUSINESS

FG, Oteh to blame for capital market woes

FG, Oteh to blame for capital market woes

The Director-General of the Securities and Exchange Commission (SEC), Ms Arunmah Oteh should be blamed for all the problems bedeviling the Nigerian capital market, a group of industry stakeholders has said. The group, Provider of Funds for the Capital Market also said the government had contributed to the collapse of the market by flouting its […]

Foreign airlines ordered to make tax refunds

Foreign airlines ordered to make tax refunds

Foreign airlines operating in Nigeria have been directed to pay back to the Federal Government, a portion of the Passenger Fuel Surcharge (PFS) charged on all tickets issued to passengers. The Senate Committee on Aviation, which made the recommendation Wednesday said that the claim of ignorance on the part of the airlines was not a […]

South Sudan becomes IMF’s 188th Member

South Sudan becomes IMF’s 188th Member

  The Republic of South Sudan joined the International Monetary Fund (IMF) awaednesday when Finance and Economic Planning Minister Kosti Manibe Ngai signed the IMF’s Articles of Agreement at a ceremony in Washington D.C. “I am happy to welcome the Republic of South Sudan, which today becomes our 188th member,” IMF Managing Director Christine Lagarde […]

How bank laundered N350m pension fund in 30 minutes—Farida Waziri

How bank laundered N350m pension fund in 30 minutes—Farida Waziri

Former Chairman of the Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri, Tuesday said that banks in the country are guilty of aiding and abetting mindless laundering of billions of pension funds. Waziri who spoke at the Senator Aloysius Etok led Joint Senate Committee probing the management of pension funds said that without collusion […]

Fuel subsidy: Reps committee uncovers N229. 7 bn fraud

Fuel subsidy: Reps committee uncovers N229. 7 bn fraud

The Farouk Lawan led committee that probed Nigeria’s subsidy on petroleum products has uncovered frauds running into about N229. 7 billion. The money was said to have been paid illegally to some oil marketers between 2010 and 2012. Following the discovery, the committee had strongly recommended that sixty-nine oil marketing firms that benefited from the […]

N26b Police Pension Fund found in UBA, GTBank, others

N26b Police Pension Fund found in UBA, GTBank, others

The Senate Committee probing the management of pension fund heard yesterday that N26 billion out of N32billion Police Pension Fund has been traced to five banks. The looted funds, it as gathered, were found in Fidelity Bank, United Bank for Africa (UBA), ECO Bank, Guarantee Trust Bank (GTB) and First Bank. The disclosure was made […]

Nigeria faces big oil price risk – Sanusi

Nigeria faces big oil price risk – Sanusi

Any sharp fall in oil prices would be a relief for much of the world, but for Nigeria it could spell big trouble, the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi has said. “There will be a very bad day and a lot of gnashing of teeth if the oil […]

Nigeria going broke – Okonjo-Iweala

Nigeria going broke – Okonjo-Iweala

NIGERIANS got yesterday a rare insight into this country’s financial health. But the news is not cheery. The country is going broke, with only $3.6 billion left in the excess crude account, Finance Minister Dr Ngozi Okonjo-Iweala said. The Coordinating Minister for the Economy (CME) spoke when she met with members of Civil Society Organisations […]

First Bank staff fingered N110million pension scam

First Bank staff fingered N110million pension scam

The theft of a total sum of N110 million pensioners’ money by three workers at the Accounts Department of the Federal Civil Service Commission (FCSC) occurred with the connivance of some First Bank of Nigeria Plc staffers, according to emerging revelations. In a statement to the EFCC, the Bank’s business Development Manager, Ibrahim el-Rufai, admitted […]

Fed Gov, States, LGs share N620bn in February

Fed Gov, States, LGs share N620bn in February

The Federal Government and the other two tiers of government will share N620.738 billion for the month of February. A meeting of the Federation Account Allocation Committee (FAAC) meeting, which dragged on into the night ended with confirmation that the federal government would receive N260.187billion, the states N131.970billion and local governments N101.744billion as statutory allocations […]


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